BitFlyer, a Tokyo-based crypto exchange, has been granted a license to operate in the European Union, embracing more regulation.

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Tokyo-based crypto exchange bitFlyer was issued a Payment Institution license to operate in the European Union, the exchange reported Monday, Jan. 22. The license was granted to the exchange by the Luxembourg regulator, Commission de Surveillance du Secteur Financier (CSSF).

Yuzo Kano, the founder and CEO of bitFlyer, said in the press release,

“I am proud that we are now the most compliant virtual currency exchange in the world; this coveted regulatory status gives our customers, our company and the virtual currency industry as a whole a very positive future outlook.”